It seems that every week, a celeb has filed for bankruptcy or loses the millions they once had. Former NBA star Allen Iverson is no different. He made over $140 million dollar playing basketball and that doesn’t include his huge Reebok deal and various other endorsement deals. His story is a cautionary tale to athletes and anyone else who comes into a lot of money.
Via Washington Post:
Three years after Iverson’s last NBA game, the spotlight has shifted from his play to his flaws. His refusal back then to play by society’s rules was seen as an independent player’s quirks, part of the character and the brand, same as his cornrows and tattoos.
For the past three years, as Iverson chased an NBA comeback, his marriage fell apart and much of his fortune – he earned more than $150 million in salary alone during his career – dissolved. Now, those who once ignored past signals have recognized that basketball may have been the only thing holding Iverson’s life together.
Iverson stood during a divorce proceeding in Atlanta in 2012 and pulled out his pants pockets. “I don’t even have money for a cheeseburger,” he shouted toward his estranged wife, Tawanna, who then handed him $61.
Allen Iverson signed huge contracts: a six-year deal in 1999 worth $70.9 million and, four years later, a new agreement worth $76.7 million. Reebok signed him to a huge endorsement deal, including a deferred trust worth more than $30 million, a lump sum he can’t touch until he turns 55.
His play kept his shortcomings in the shadows, but at home, his behavior caused increasing worry. Tawanna testified that her husband was undependable and volatile. Alcohol intensified his flaws, she said, leading him to skip milestone events and stagger through others.
He hadn’t been present for Tiaura’s birth in 1994, and three years later, when Allen Jr. was born – they would call him Deuce – Iverson was “very intoxicated” and unable to drive her to the hospital, Tawanna told the court.
Allen will be eligible to receive what’s left of his Reebok money in June 2030.
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Wednesday, April 24, 2013
Allen Iverson Admits To His Wife That He Couldn’t Afford A Cheeseburger
It seems that every week, a celeb has filed for bankruptcy or loses the millions they once had. Former NBA star Allen Iverson is no different. He made over $140 million dollar playing basketball and that doesn’t include his huge Reebok deal and various other endorsement deals. His story is a cautionary tale to athletes and anyone else who comes into a lot of money.
Via Washington Post:
Three years after Iverson’s last NBA game, the spotlight has shifted from his play to his flaws. His refusal back then to play by society’s rules was seen as an independent player’s quirks, part of the character and the brand, same as his cornrows and tattoos.
For the past three years, as Iverson chased an NBA comeback, his marriage fell apart and much of his fortune – he earned more than $150 million in salary alone during his career – dissolved. Now, those who once ignored past signals have recognized that basketball may have been the only thing holding Iverson’s life together.
Iverson stood during a divorce proceeding in Atlanta in 2012 and pulled out his pants pockets. “I don’t even have money for a cheeseburger,” he shouted toward his estranged wife, Tawanna, who then handed him $61.
Allen Iverson signed huge contracts: a six-year deal in 1999 worth $70.9 million and, four years later, a new agreement worth $76.7 million. Reebok signed him to a huge endorsement deal, including a deferred trust worth more than $30 million, a lump sum he can’t touch until he turns 55.
His play kept his shortcomings in the shadows, but at home, his behavior caused increasing worry. Tawanna testified that her husband was undependable and volatile. Alcohol intensified his flaws, she said, leading him to skip milestone events and stagger through others.
He hadn’t been present for Tiaura’s birth in 1994, and three years later, when Allen Jr. was born – they would call him Deuce – Iverson was “very intoxicated” and unable to drive her to the hospital, Tawanna told the court.
Allen will be eligible to receive what’s left of his Reebok money in June 2030.
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